What is controlling?
In many large industries, an international language is used for titles, work processes, and much more. Yet, not everyone is familiar with the new terms, even though they generally describe techniques that have always been in use in the respective industries. Controlling and the job title of Controller are two of the concepts increasingly used today. The process of controlling largely describes the organizing and controlling processes a leader is already engaged in. A leader can achieve better and more effective planning as well as general optimization of employees’ work processes and use of the company’s total resources through controlling.
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A controller – in accounting contexts – is essentially the modern word for a bookkeeper and thus denotes the job for the person(s) responsible for the company’s financial management. Since the controller title is still relatively new and unprotected, the function and work areas of the position can vary. Therefore, the individual tasks and areas will be more specifically described in the respective job title linked to any job postings.
What does a controller do?
A controller is usually the one who overall manages the company’s bookkeeping and ensures that all expenses and revenues are stored and recorded correctly. They also ensure that the correct annual reports and statements are sent to the Business Authority on time. There are still no fixed guidelines for what a controller’s tasks consist of, and these can therefore vary from company to company. Usually, it is seen that the controller is the bookkeeper’s superior. Thus, the controller acts as a “controlling” entity, with the overall responsibility for the company’s financial management.
Types of controllers: Financial and business controller
Some might think that it creates more confusion than benefit that there are different types of controllers. However, there is primarily only a distinction between two different types, and if you are a bit into the different work processes associated with accounting, it quickly becomes clear that there is actually sense in the madness.
A financial controller primarily deals with accounting preparation and thus comes closest to a bookkeeper in the classical sense.
A business controller, on the other hand, deals more with financial management, profitability, and other various, more management-related tasks.
Sometimes there is overlap between the two functions, and depending on the size and complexity of a company’s accounts, the need for the two job positions and the general need for controlling also varies.
Want to know more?
We are increasingly finding that companies have the opportunity to optimize and streamline the process around controlling expenses. We have also helped many of our clients save time in this area. Time always falls on dry ground and can be used for much more value-creating activities.
Contact us to learn more.